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NEW DELHI: In a stern warning to those involved in the Rs 11,300-crore fraud at one of Punjab National Bank’s (PNB) Mumbai branches, the government on Thursday said that “nobody, irrespective of their status or stature, shall be spared”.

Briefing media on behalf of the government, law and IT minister Ravi Shankar Prasad said, “I wish to make it very clear, and this I can also convey on behalf of the government, that those who have sought to derail the ordinary banking system to help Nirav Modi shall not be spared. This is regardless of the stature and status of the official concerned”.

Prasad added the government will not allow loss of taxpayers’ money.

Stressing that the Enforcement Directorate and other investigation agencies have taken action with alacrity, Prasad said that properties worth Rs 1,300 crore have already been seized. He said that besides ED and CBI, the Income Tax (I-T) department is also keeping a close watch on billionaire jeweller Nirav Modi.

The minister also took a dig at the Congress party saying it should stop playing politics over photos. The rebuttal came after Congress spokesperson Priyanka Chaturvedi tweeted a photo showing Nirav Modi with PM Modi at the World Economic Forum summit in Davos.

Clarifying the government’s stand, Prasad said that Nirav Modi had gone to Davos on his own accord and not as a part of the Prime Minister’s delegation.

#NiravModi did not meet PM Modi at Davos. Nirav Modi had arrived in Davos on his own and was present at CII group p… https://t.co/OX6lEwOxSC

— ANI (@ANI)
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Prasad also claimed that no loans given by banks under the current government have turned into NPA (Non-Performing Asset) and blamed the previous UPA government for the bad loan menace.

He stressed that the Modi government has given autonomy to the banking sector.